UK REIT Land Securities has announced a new £1.25 bn (€1.7 bn) loan facility from an eight-bank international syndicate.
UK REIT Land Securities has announced a new £1.25 bn (€1.7 bn) loan facility from an eight-bank international syndicate.
The secured revolving credit facility (RCF) has an initial LIBOR margin of 75 basis points with stepped margin increases dependent on utilisation amounts. The facility runs for a term of five years, with an option to extend it for a maximum of seven years.
The syndicate members are Lloyds Banking Group; Santander Global Banking and Markets; Royal Bank of Scotland; HSBC Bank; Citibank; Sabadell Bank; Bank of China and UBS. There is an option to add further lenders and discussions will continue with other interested parties.
The new facility replaces an existing £1 bn syndicated RCF. In addition to this new facility, Land Securities has retained another £985 mln of existing bilateral arrangements.
